In this article, we take a look at some of the notable stocks that are moving today. You can skip our detailed analysis of these stocks and go directly to Why These 5 Stocks Are Moving on Monday.
All three major indexes are in the red today, with the S&P 500 down 1.10%, the Dow Jones down 1.2%, and the NASDAQ 100 down 0.59%. Some stocks on the move today include Etsy Inc (NASDAQ:ETSY), Philip Morris International Inc. (NYSE:PM), and United Airlines Holdings, Inc. (NASDAQ:UAL).
Let’s discuss why each stock is moving and how elite funds were positioned among them.
10. Tesla, Inc. (NASAQ:TSLA) has surged over 5.9% today following the company’s strong fourth-quarter earnings and deliveries. The company beat the analysts’ EPS estimate of $2.38 by 16 cents for Q4 2021. Jairam Nathan at Daiwa Securities upgraded Tesla, Inc. (NASAQ:TSLA) to Outperform, sharing that increased oil prices, which result in higher gas prices, will benefit electric car manufacturers at the margin. Of the 924 hedge funds being tracked by Insider Monkey, 91 elite funds reported owning a stake in Tesla, Inc. (NASAQ:TSLA) at the end of Q4 2021.
9. Citigroup Inc. (NYSE:C) slumped 4% today after the firm revealed in its yearly report to the Securities and Exchange Commission that it has $5.4 billion in “Russia credit and other exposures” as of 2021. This is lower than the $5.5 billion reported at the end of Q3, but it is still higher than year-end 2020 levels. Citigroup Inc. (NYSE:C) also acknowledged that any “sanctions and export controls” by Russia may have a negative impact on Citi’s business activities and clients in and out of Russia and Ukraine. Citigroup Inc. (NYSE:C) is working on mitigating its risks. Harris Associates owned over 28 million shares in Citigroup Inc. (NYSE:C) at the end of Q4.
8. L3Harris Technologies, Inc. (NYSE:LHX) has risen over 6.6% following reports that Germany is likely to increase its military spending amidst the Russia-Ukraine conflict. The Aerospace-Defense stock received an upgrade in its Relative-Strength rating from 80 to 87. At the end of Q4 2021, 40 hedge funds owned a stake in L3Harris Technologies, Inc. (NYSE:LHX), worth over $1.1 billion.
7. Viatris Inc. (NASDAQ:VTRS) recorded a sharp decline of over 21.94% following worse-than-expected Q4 results. The company missed the analysts’ EPS estimate of $0.75 for Q4 by 97 cents and shared lower than expected FY22 sales guidance. Viatris Inc. (NASDAQ:VTRS) also sold its Biosimilars assets for $3 billion to Biocon Biologics. The segment was one of the primary growth drivers for the company
6. APA Corporation (NASDAQ:APA) rallied 5.41% to $35.51 on Monday following the company’s recent offshore oil and gas discovery in Krabdagu. Analysts remain bullish on APA Corporation (NASDAQ:APA) as the US energy policies favor incumbent corporations by creating entry barriers. In the next months, geopolitical conflicts threaten to drive prices even higher. Overall, 42 hedge funds reported owning a stake in APA Corporation (NASDAQ:APA) at the end of Q4 2021, up from 33 in the preceding quarter.
Like APA Corporation (NASDAQ:APA), Etsy Inc (NASDAQ:ETSY), Philip Morris International Inc. (NYSE:PM), and United Airlines Holdings, Inc. (NASDAQ:UAL) are also on the move.
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Disclose. None. Why These 10 Stocks Are Moving on Monday is originally published on Insider Monkey.
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